The 'We're saving for a deposit' thread

SG27

cassie46 wrote: »

Hello All
Can I join in? Not sure how it works so someone must explain lol. We are currently renting and at tops have a couple of hundred spare each month, however we have just cleared all our credit cards. Have extra credit on sofas and white goods but would rather continue paying them so we can start saving for a deposit. At the minute it is £0.00 which is very frustrating. How much do you need for deposit to buy a house plus extra fees?

Hi cassie,

It might be best to pay off the credit first if you are paying interest on it. As this will save you more in the long run.

For a deposit you will need at least 10%. But the interest rates are very high for low deposits. The rates improve the bigger deposit you have. I'd say at least 20% is needed for half decent rates. If you can wait it out and save for a few years then the best rates are available with 40% deposits.

For fees we are budgeting £5000 on top. That's for solicitors fees and surveys and any unexpected fees. We also plan to keep back one years mortgage payments as a contingency fund incase one or both of us lose our jobs. And as it turns out my girlfriend is being made redundant soon!

Jackies

Finally tallied our total now DH has saved some money this month

*drum roll*
£63086.08 So we're 87.02% of the way there hurrah

Started looking at houses now too - saw our first one last weekend but didn't like it, so we have a few more lined up for this week/weekend so we'll see

TheMetalMan0

Some huge totals there. How long have you been saving tara747 and Jackies?
This is my first post in this thread. I was looking to get to 10k by the end of the year but have hit it this month so I'm chuffed! Love seeing my total grow.

markalanious

Jackies - what are the 'sealed pot challenge' and 'virtual sealed pot challenge' as referenced in your sig?

markalanious

Quick update already!

Missus added £100 to the ISA from her pay and I realised we had an extra £400 sat in the joint account, that's another 4% towards the grand total.

Seeing the parents this weekend so may try some buttering up

tight_arze

Hi

Im from Northern Ireland. My wife and I are currently saving a house deposit and have £28,500 so far.

Seems a tiny amount compared with some of the crazy amounts on this thread!

markalanious

tight_arze wrote: »

Hi

Im from Northern Ireland. My wife and I are currently saving a house deposit and have £28,500 so far.

Seems a tiny amount compared with some of the crazy amounts on this thread!

it's 10 times what i've saved mate so you're not doing bad at all!

quintwins

tight_arze wrote: »

Hi

Im from Northern Ireland. My wife and I are currently saving a house deposit and have £28,500 so far.

Seems a tiny amount compared with some of the crazy amounts on this thread!

thats double what we're even planning to save, i'm also from N.I house prices are fab here at the mo if your a buyer £30k will get you a nice share in quite a few diferent houses in diferent locations

lazer

tight_arze wrote: »

Hi

Im from Northern Ireland. My wife and I are currently saving a house deposit and have £28,500 so far.

Seems a tiny amount compared with some of the crazy amounts on this thread!

As you can buy a decent house in NI for £100k, I'd say your doing very well!

I have almost £17k saved and am now looking for the house (15% Deposit)

louby_lou

Well its payday for me, so another £1500 in the pot. Pretty darn pleased with myself I must say. A few years ago I had as much debt as I have savings now, and saving is definitely more addictive than spending, at least for me.

We're planning on a 15% deposit on £150k which should get us a nice little 2 bed in the South West, so £22.5k then a bit on top for fees etc. Going to start looking at places properly around Christmas time this year, however can't resist having a peek online even now.

Good to see everyone doing so well, I like many people am amazed at the amounts which peoeple have saved. Bravo.